Cost not biggest regret for majority of homeowners

Posted at 3:02 PM, Jul 17, 2017
and last updated 2017-07-18 09:47:00-04

Buying a house is most times the biggest purchase we'll make. So a little bit of buyers remorse is to be expected. But the issue may be bigger than once thought. About 44 percent of Americans have regrets about their current home or the process they went through when choosing it. 

"Homes are such a big purchase it's normal to have a little bit of buyers remorse or maybe even fear of missing out as you are shopping or right after you close," says realtor Taylor Wilson of Keller-Williams Cherry Creek in Denver. 

The top disappointment? Wishing they had bought a larger home.

Trulia found 42 percent of people surveyed regretted not choosing the correct home size. That includes a third of homeowners who wished they'd bought a larger home. And income didn't matter. Even among wealthy Americans, 16 percent regretted not buying a larger home. Experts say it's a common complaint as housing gets more expensive and people have to settle for smaller spaces.

Home size wasn't the only regret. 15 percent of homeowners wished they had more information before deciding. And 26 percent wished they'd done more or less remodeling.

"Big cities in general tend to be more commuter friendly and so it's easier to sacrifice on things like parking or a garage or yard space if you want to be close to the city. But there is always a compromise right? It's going to be more expensive and you get less whereas if you go further out into the suburbs you can get a bigger house you get that garage that's attached in bed and get a big yard but you are driving 30 minutes to get into town. And so maybe before you start your home search you identify what's the most important thing to me."

So what do you do if you have buyer's remorse? If you recently purchased your home, experts say wait a few years before selling because the transaction costs could eat up any equity you may have accumulated or your down payment.

And if you're trying to avoid buyer's remorse atogehter, experts say do more prep and research. Know how much you can afford and stay firm before checking out listings. 

Experts say other ways to avoid buyer's remorse are to make sure your credit is in good shape, pay down debt as much as possible, and leave room in your budget for the costs that come with buying a home.